TORONTO, Aug. 18 /CNW/ - Guyana Goldfields Inc. (TSX:GUY) ("Guyana" or the Company") is pleased to announce that ongoing diamond drilling at the Company's 100% owned Aurora Gold Project has extended previously announced new zones (see press release dated April 20, 2010). The Company has intersected multiple areas of significant new gold mineralization in the "Golden Square Mile". The property is currently the subject of a definitive feasibility study being prepared by AMEC Americas Limited in Oakville, Ontario.
Assay results from six (6) new drill holes in the new Aleck Hill zone have significantly expanded the recent discovery in this area. The latest results demonstrate gold mineralization over a 180m strike length and 125m along dip, with true widths of mineralization varying from 25 to 50m. Highlights of the drilling include holes AHD-133, which returned 70m @ 3.00 g/t Au, including 14m @ 8.20 g/t Au as well as hole AHD-136 which returned 50m @ 2.93 g/t Au, including 4m @ 9.30 g/t Au and 6m @ 11.87 g/t Au. These new zones remain open along strike and dip.
Drilling has also significantly expanded the down dip continuity of gold mineralization in the new Mad Kiss zones. Highlights include holes MKD-90 which returned 18m @ 12.20 g/t Au and MKD-91 which returned 26m @ 2.33 g/t Au and 40m @ 1.88 g/t Au. True widths of mineralization in the various Mad Kiss zones vary from 10 to 35m and all of the zones remain open at depth.
The latest results from the ongoing "Golden Square Mile" exploration are tabulated in the attached intercept spreadsheet and illustrated in the 3D models. These results are not included in the current data set of the ongoing AMEC resource calculation and feasibility study.
Patrick Sheridan, CEO of Guyana Goldfields states, "Drilling results at the Aurora Property continues to prove that the "Golden Square Mile" has significant potential to grow outside of the known resource estimate of 4.58 million ounces. Exploration drilling is ongoing in the "Golden Square Mile" and also parallel step-out drilling is occurring to follow up on various targets.
To view 3D models and an intercept spreadsheet, please view the following links:
Drill core samples were sent to and prepared at ACME Analytical Laboratories Ltd (ACME Lab) in Georgetown, Guyana while assaying was done at ACME Lab in Santiago, Chile using FA-AAS with Fire-Assay gravimetric finish for samples with greater than 3,000 ppb.Au.
This news release and its contents have been reviewed by Mr. Niel Silvio (AusIMM/AIG), a qualified person within the meaning of National Instrument 43-101.
About Guyana Goldfields Inc.
Guyana Goldfields Inc. is a Canadian based mineral exploration company primarily focused on the exploration and development of gold deposits in Guyana, South America where the Company has operated since 1996. The Company is currently undertaking technical studies to advance and develop the Aurora Gold Project in Guyana, which is targeted to begin production in the second half of 2012.
The Aranka Properties, currently in advanced staged exploration, are drilling highly prospective targets in an ongoing program and recently discovered a new gold zone. As at the date hereof, the Company has approximately $65 million in cash and short-term bank guaranteed investment certificates and no debt and 77,309,503 shares issued and outstanding.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Guyana, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
SOURCE Guyana Goldfields Inc.
For further information: For further information: Guyana Goldfields Inc., Claude Lemasson, President & COO, Director, Jacqueline Wagenaar, Director of Investor Relations, Tel: (416) 628-5936 Ext. 2295, Fax: (416) 628-5935, E-mail: firstname.lastname@example.org, Website: www.guygold.com